What happens at the end of a car lease?

With the cost of personal mobility increasing with each passing year, consumers must consider many other forms of vehicle ownership, including leasing, which allows for predictable mobility costs that often includes servicing and insurance. The question that we will answer today is what happens once a lease contract has expired. As we discovered, there are three options that the lessor has to consider.

-End the lease

As simple as this sounds, there is the option of simply returning the vehicle and walking away from the lease once the contract term has ended. Ending the lease in this manner is only possible if the lessor has adhered to the mileage-associated restrictions and has not caused excessive wear and tear to the vehicle, all of which is stipulated in the contract.

-Buy the vehicle

If you feel as though the vehicle that you have been leasing still suits your requirements, there is the option to purchase the vehicle, which you have been effectively renting for the past few years.

-Get another vehicle

A popular option among lessors is to renew their lease with either the same or a new company, allowing for a new vehicle and a brand new contract to be put in place, while the old vehicle is then returned to the company from which it was leased.